Frank Russell has been appointed to manage £120m (€195m) of the pension fund for Smith & Nephew, the UK healthcare group, decreasing the mandates of Phillips & Drew and Schroder Investment Management.

Frank Russell will use its multi-manager funds to invest in UK and international equities and bonds. The firm has provided transition management, which it has nearly completed. It will also provide investment consulting services to the £220m fund, replacing previous incumbent, independent consultant Malcolm Murray. Murray had provided investment advice to the fund for the past 25 years.

Smith & Nephew chooses Frank Russell as multi-manager

William Hutchings

Smith & Nephew

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